SANTA CLARA, Calif.,
June 14, 2018 /PRNewswire/ --
Interest from prospective home buyers in Northern states have
propelled two Florida counties --
Sarasota and Collier -- to the top of the nation's
fastest-growing luxury housing markets, according to the
May 2018 Luxury Home Index from
realtor.com®, The Home of Home Search℠.
In May, the top 5 percent most expensive home prices in
Sarasota (North Port) and Collier (East
Naples) counties grew 19 and 14 percent, respectively.
Additionally, Broward County, Fla.
-- home to Fort Lauderdale and
ranked No. 19 on the list -- grew 9 percent year-over-year. Much of
this growth is attributed to increased interest from buyers located
in New York, Boston and Chicago – markets where, in many cases, luxury
prices have stalled, according to realtor.com® search
data.
"Luxury prices in the Sunshine State are rising quickly as
buyers from places like New York,
Boston, and Chicago get wind that there is a better bang
for their buck available down South," said Javier Vivas, director of economic research for
realtor.com®. "Meanwhile, we are seeing signs of a
luxury market glut in many established markets, which is in some
cases leading to spillover demand for their less pricey
neighbors."
May 2018 Top 10 Fastest Growing
Luxury Markets
Market (Local
County Seat)
|
Luxury
Price
(Top
5%)
|
% Change Year-
over-Year
|
Sarasota County
(Sarasota)
|
$
993,000
|
19.1%
|
Queens County
(Queens, N.Y.)
|
$
1,240,000
|
15.1%
|
Collier, County (East
Naples)
|
$
1,651,000
|
13.7%
|
Douglas County
(Castle Rock, Colo.)
|
$
919,000
|
13.1%
|
San Mateo County
(Redwood City, Calif.)
|
$
3,496,000
|
13.0%
|
King County
(Seattle)
|
$
1,486,000
|
12.8%
|
Marin County (San
Rafael, Calif.)
|
$
3,220,000
|
12.5%
|
Snohomish County
(Everett, Wash.)
|
$
790,000
|
12.4%
|
Hudson County (Jersey
City, N.J.)
|
$
1,306,000
|
12.1%
|
Santa Clara County
(San Jose, Calif.)
|
$
2,744,000
|
11.9%
|
|
Source:
Realtor.com® Luxury Home Index with data as of March
2018. The realtor.com® luxury home index is based on a
12-month moving average of sales prices and measures price growth
using January 2011 as the base.
|
Luxury Home Prices in Boston, Chicago, and New York Continue to Slow
While buyers in New York,
Boston, and Chicago may be driving growth in places like
Florida, luxury prices within
those markets themselves have stalled. In Boston's Suffolk
County, Chicago's
Cook County, and New York's Manhattan and Suffolk counties, for instance, over the past
year luxury home prices decreased 2.7, 2.2, and 2.1 and 1.3
percent, respectively. In Middlesex
County (Cambridge, Mass.)
and Kings County (Brooklyn, N.Y.), prices decreased 1.4 and 2.4
percent, respectively, in just the past month alone.
In New York, in particular,
realtor.com® search data shows demand for luxury homes
in Manhattan and Brooklyn, where luxury prices have stalled at
$4.6 and $2.2
million, respectively, also appears to be spilling rapidly
into the lower-priced adjacent markets of Queens, N.Y. and Hudson County (Jersey City, N.J.). Luxury prices in those
counties have grown at 15 and 12 percent in the past year,
respectively, reaching $1.2 and
$1.3 million.
Western Luxury Markets Continue to Grow
In addition
to the rising interest in Florida,
Northern California, Colorado, and Washington continue to dominate the top 20
fastest growing luxury markets, with double-digit yearly growth in
luxury prices.
Three California Bay Area markets -- San Mateo County (Redwood City), Marin
County (San Rafael), and
Santa Clara County (San Jose) -- remain among the top five most
expensive luxury markets in the country, with entry points between
$2.7 and 3.5 million. Most notably,
these three markets are also among top 10 fastest-growing markets,
with luxury prices continuing to accelerate and now rising at 12-13
percent year-over-year.
Primary and secondary luxury markets in Colorado continue to attract buyers and grow
faster than the rest of the country, with entry-level luxury prices
in Douglas County (Castle Rock, Colo.); Jefferson County (Golden, Colo.); Denver County and Boulder County all posting double-digit yearly
growth.
Similarly, the Seattle area
continues to see strong demand for luxury homes, with entry-level
luxury prices in Seattle and
Snohomish, Wash., growing at 12 to
13 percent year-over-year. Luxury homes in these Northwest markets
remain relatively affordable for West Coast standards, making them
an attractive option for upscale buyers in Southern states.
Methodology
Realtor.com analyzed 89 primary and
secondary luxury counties, looking at yearly movement in the entry
level luxury price boundary, defined as the top 5 percent of all
residential home sales in a given market per the realtor.com sales
database with full data up until March
2018. The following markets were excluded from rankings this
month as we review their data: Honolulu,
Hawaii; Fairfield, Conn.;
Nassau, N.Y.; Washoe, Nev.; St.
Louis; and Dallas.
About realtor.com®
Realtor.com®, The Home of Home Search℠, offers the most
comprehensive source of for-sale MLS-listed properties, among
competing national sites, and access to the information, tools and
professional expertise to help people move confidently through
every step of their home journey. It pioneered the world of digital
real estate 20 years ago, and today is the trusted resource for
home buyers, sellers and dreamers by making all things home simple,
efficient and enjoyable. Realtor.com® is operated by
News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move,
Inc. under a perpetual license from the National Association of
REALTORS®. For more information, visit realtor.com.
Contact:
Lexie Puckett
Holbert: lexie.puckett@move.com
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SOURCE realtor.com